ePayment Solution Powers Broadband Value-Added Internet Services
BEIJING, Dec. 22 /Xinhua-PRNewswire/ -- YeePay, a leading provider of innovative e-payment services based on Internet, mobile and telephone in China, announced today that it has formed a strategic partnership with Shanghai Telecom, a wholly owned subsidiary of China Telecom in Shanghai Province. China Telecom is the country's largest telecommunications operator with businesses covering fixed lines and various value-added Internet services. Under the partnership agreement, YeePay will provide online payment solution for online portal ChinaVnet, enabling Shanghai Telecom's users to pay for value-added online services using their bank cards or through joint payment accounts. The two parties will also collaborate on joint-marketing to bring the service to users.
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ChinaVnet is a broadband portal operated by China Telecom to provide rich
media contents and value-added Internet applications through a network of
content partners. Currently ChinaVnet has over two million subscribers in
Shanghai and provides more than 70 channels/services including news, movies,
music, finance, education, personals, games and health. ChinaVnet's platform
allows content partners to join-in and leverage its network channels and user
base to deliver their services, and also provides revenue collection and
settlement capabilities for the content partners. Previously most content
partners relied on phone/ADSL billing to collect payments from users, YeePay's
new service allows users to create a joint account and make payments using
their bank cards directly.
"Internet is transforming from a static content media to a complex
transaction platform, and payment is essential to every transaction. YeePay's
solution helps close the "last mile" in the value chain. Now our online
subscribers can conveniently and securely access value-added services using
their bank cards and our content partners can collect revenues more
efficiently. With the collaboration with YeePay, we hope to bring a better
payment experience to our users and build a more colorful online community."
commented Zhu Cheng, Director of Internet Business at Shanghai Telecom.
Bin Tang, CEO of YeePay, said "We have seen the explosive growth of
broadband Internet in China in recent years, interactive multimedia service
has increasingly become a major form of entertainment. With its rich media
content and wide range of applications, ChinaVnet sets an example of what
broadband entertainment can become, but efficient and reliable payment has
always been a major bottleneck in the past. We would like to help drive the
development of broadband Internet services through better payment solutions,
we also believe that broadband interactive entertainment will be a key driving
force for online payment adoption in China."
About YeePay
YeePay is a leading e-payment service provider in China, with a mission to
provide better e-payment solutions and value-added financial services through
technology and innovation. Headquartered in Beijing, China, YeePay also has
branch offices in Shanghai, Guangzhou, Chengdu and Hohhot. As the first
company in China to provide a single platform integrating both online and
offline electronic payments, YeePay's innovative solutions enable consumers
and businesses to make and receive payments over the Internet, mobile and
telephone securely, conveniently and cost effectively. YeePay has formed
strategic partnerships with major banks in China. YeePay's customers include
leading internet companies and ecommerce websites as well as many merchants in
traditional industries, such as Baidu, Sohu, TOM Online, Shanda, KingSoft,
DangDang, eLong, 800Buy, GoMe Electronics and China Unicom. YeePay was
recognized as the "Best Payment Platform" by the China eCommerce Association
and one of the "Top 50 Innovators" by the China Internet Society.
For more information about YeePay, please visit http://www.yeepay.com
About Shanghai Telecom
Shanghai Telecommunication Corp. is a subsidiary of China Telecom and
operates one of China's three international telecommunication exchange
centers. A full-range communications service provider, Shanghai Telecom offers
a wide array of data networking services including e-mail, Internet access, IP
phone, EDI, DDN, and China-Fax. Its broadband portal ChinaVnet offers
interactive rich media contents and value-added services to more than 2
million subscribers. For more information, visit http://www.shanghaitelecom.com.cn
